An employee earns $36 per hour and 1.75 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 50 hours during the week, and that the gross pay prior to the current week totaled $52,200. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and federal income tax to be withheld was $476.

If required, round your answers to two decimal places.

a) Determine the gross pay for the week.

b) Determine the net pay for the week.

Normal Rate is $40 per hr

Overtime Rate is ($36.00 x 1.75) = $63.00.

Total hrs worked =50 hrs

Hence payment is:

(40hrs x $36) Normal Rate =$1,440

(10hrs * $63) Overtime Rate = $630

Gross Pay. $2,070

b) Since our prior gross pay was $52,200 and current gross pay is $2,070 this is still under the $100,000

Hence, we need to Pay tax 6% on the current gross pay amt.

Social Sec. Tax = $2,070 - 6% = $124.2

Medicare Tax = $2,070 - 1.5% = $31.05

Federal Income Tax = $476

Hence Net Pay:

.$2,070 - $124.2 - $31.05- $476

= $1,438.75

Net Pay= $1,438.75

Explanation:

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know